The scandals surrounding the backdating of stock options continue to mount in the United States. In testimony before the Senate Committee on Finance, the director of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) revealed that as of September, this division was investigating over 100 companies for possible fraudulent reporting of stock option grants.

A recent Toronto Stock Exchange staff notice is a reminder that TSX-listed companies should amend their option, share purchase or other security-based compensation arrangements to add a detailed amendment provision.